Connecticut RPTF commits $50m to multifamily real estate fund

The $32.4 billion Connecticut Retirement Plans and Trust Funds has committed up to $50 million to Covenant Apartment Fund IX, according to board meeting notes from Linda Tudan, a spokeswoman for the pension fund.

Covenant Capital Group, based in Nashville, manages the fund. It will primarily focus on acquiring multifamily assets located in the Southeastern, Midwestern and mid-Atlantic U.S. states. The retirement plan’s consultant, Meketa Investment Group, assisted with the due diligence process. The commitment is contingent upon successful negotiation of the partnership documents.

In addition, Connecticut Retirement Plans and Trust Funds is considering another commitment to Gerding Edlen Green Cities IV, a fund sponsored by Portland, Ore.-based investment manager Gerding Edlen. Treasurer Denise L. Nappier is considering an investment of up to $75 million in the fund, which will primarily focus on value-add and opportunistic investments in apartment and office proper